The city of Buffalo has reaped nearly $4 million from a series of recent real estate sales involving a former city parking ramp, a former East Side public school and a vacant parcel of land in the Waterfront Village.
They are among a host of deals - along with the earlier sale of Buffalo Police headquarters to developer Douglas Jemal that have been underway for some time as part of planned dispositions to advance new development projects.
"Real estate is never easy nor is the timing always what we imagine or desire, but this was a pretty good year for transactions," said Brendan Mehaffy, executive director of the city's Office of Strategic Planning.
Among the newest transactions:
• TM Montante Development, through 1277 Delaware LLC, bought the 750-space Gates Circle Parking Ramp at 1277 Delaware Ave. for $1.7 million, as part of its planned redevelopment of the former Millard Fillmore Hospital at Gates Circle. Under the deed and contract, the three-level ramp must be renovated, repaired and reopened by July 31, 2022, at Montante's expense.
The ramp will help support the parking demand for Montante's Lancaster Square community, including a six-story building slated for 1299 Delaware, as well as redevelopment of a five-story medical office building at 1275 Delaware. The overall plan for the $150 million project calls for a mixture of up to 500 condominiums, market-rate apartments and townhouses, plus a grocery store, a fitness center, ground-floor retail and office space.
• Ciminelli Real Estate Corp., through Lakefront Boulevard LLC, paid $1.3 million to the Buffalo Urban Renewal Agency to acquire 2.4 acres of land at 240 and 260 Lakefront Blvd. at the waterfront.
That's the planned site of the developer's $20 million West End townhouse project, with 20 attached homes in three clusters that would be constructed on the L-shaped parcel. The project won approval last summer after four years of planning and months of public battles with neighbors.
• Buffalo Academy of Science Charter School paid $940,000 to buy former P.S. 11 at 437 Doat St., across from Schiller Park.
The school, which already has a high school at 190 Franklin St. and its elementary and middle schools at 89 Clare St, will add the four-story, 70,000-square-foot building as a third campus to accommodate demand and growth.
Story topics: Buffalo Academy of Sciences/ Ciminelli Real Estate Corp./ City of Buffalo/ Delaware Avenue/ Doat Street/ Gates Circle/ jonathan d. epstein/ lakefront boulevard/ Lancaster Square/ parking ramp/ TM Montante/ waterfront village/ West End townhomes